Require the Consumer Financial Protection Bureau (CFPB) to issue rules that impose new requirements on consumer reporting agencies (CRAs) and entities that furnish information to CRAs
Require the CFPB to hire a credit reporting ombudsman to coordinate bureau activity regarding CRAs
Impose private-sector mandates as defined in the Unfunded Mandates Reform Act (UMRA) by placing new requirements on CRAs, financial institutions, and entities that furnish information to CRAs
Impose intergovernmental mandates as defined in UMRA by requiring users of consumer reports to notify CRAs of adverse actions taken against a consumer
Estimated budgetary effects would primarily stem from
Increases in direct spending for additional CFPB staff
